In a sale reported at upwards of $70m, John and Sally Ryan have purchased the Tea Gardens Hotel in Sydney’s Bondi Junction from the Purkis family, who have owned the hotel for 10 years.
John Purkis wished the Ryan family the best in taking the Tea Gardens Hotel into its new era.
“We have thoroughly enjoyed our time owning and operating this significant hotel, and wish the Ryan family every success moving forward,” he said.
The multi-storey venue is surrounded by numerous retail offerings including Westfield Bondi Junction, as well as Easts Bondi Junction and a major transport interchange comprising both bus and rail lines.
HTL Property managing director, Andrew Jolliffe, who conducted the sale, said that the Tea Gardens Hotel is unique in the area.
“Bondi Junction is, in and of itself, a bustling CBD, and in the sparsely represented hotel landscape that is Sydney’s Eastern Suburbs, the Tea Gardens enjoys an iconic status borne from a history of extraordinarily reliable and voluminous multi-departmental revenue generation,” he said.
Jolliffe said that this was a landmark sale for HTL Property.
“A series of discreet discussions held over a very short period of time has led to the largest single pub sale nationally for 2024. As such, we are delighted to have matched our valued clients in the form of the Purkis and Ryan families respectively, in order to conclude a transaction so mutually favourable to both,” he said.
The Ryan family owns Ryan’s Hotel Group, which has a portfolio of several venues across Sydney comprising Orient Hotel, the Paragon Hotel, Ryan’s Bar, The Ship Inn, the Miranda Hotel, the Banksia Hotel, and the Covent Garden Hotel.